Tuesday Tip 7/11/17: 2nd Quarter 2017 Market Update

Here’s the latest data on the local real estate market and what I think we will see in July 2017.

June was very busy in real estate and that’s a good thing, considering May was a bit sluggish. Overall, the local real estate market[1] inventory is up 37% from last quarter with 518 homes currently for sale. This represents a little over 1.5 months of inventory as 322 homes went into escrow this second quarter. Homes sold year-to-date are down 6% from prior year, but things are selling about 1 week faster than they did in 2016, taking about 61 days on average to sell.

It’s really interesting when you look at it by city though:

  • Westlake Village has a 19% increase in inventory from 1st quarter and YTD sales are down 3% from 2016.
  • Agoura/Oak Park has a 41% increase in inventory from 1st quarter and YTD sales are down 15% from 2016.
  • Thousand Oaks East sits about the same as it did last year in terms of inventory, and YTD sold homes.
  • Thousand Oaks West’s inventory jumped 52% from 1st quarter and YTD sales are down 8% from last year.
  • Newbury Park put a lot of homes on the market this quarter – up 79% and YTD sales are up 36% from 2016.

When you look at the data by price point, we continue to see that homes under $1M are selling more quickly and that’s where almost 75% of our homes sales happened through June. Interestingly enough, year-to-date sold homes are down from 2016 across all price points, except over $1.5M, which is actually up 19% at 135 homes.

So, what to expect in July? It’s typically the last busy real estate month of the busy selling season as people try their best to move over the summer before school starts back up. Homes under $1M should continue to sell quickly. We see buyers being choosy above that price point. We are starting to see a shifting market that we are watching closely. Today’s buyers are very well prepared and selective when making their purchases.  Great homes (staged/remodeled) that do come onto market tend to sell quickly and get in a bidding war. With inventory increasing, we are seeing more price reductions on homes that need a remodel. Buyers who are willing to see the potential and remodel may get some great values for their efforts. Does this mean you should only sell if your home is in tip top shape? Absolutely not. Right now, it’s all about pricing the home well for what it is because we are seeing homes in need of some updating go into multiple offers. We expect a busy 3rd quarter and look forward to updating you when the results are in next quarter.

If you have any questions, please contact Lydia Gable, Lydia Gable Realty Group with Keller Williams Westlake Village at 818-383-4335. CalBRE#01704493.

[1] Represents Agoura, Oak Park, Westlake Village, Thousand Oaks and Newbury Park.

 

Based on information from the Ventura County Regional Share (MLS) as of 7/6/17 and/or other sources.

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April stats for our local Conejo Valley area are here.

Summary

Overall, we have seen a slight creep up in the housing inventory.

  • Westlake Village has about 2 months of inventory
  • The other cities have just over 1 month of inventory
  • Some neighborhoods face little to no competition
  • We are seeing multiple offers on many of our listings so if you are looking for a home under $1M and see one you like, please don’t wait to make an offer as you may miss out.

Sales remain strong in all our local cities and I expect that to continue through June as we are in the peak real estate market season.

Days on market are about the same as we reported in May except for Westlake Village where we saw an increase of 13 days which is most likely due to homes selling during this buying season that had lingered on the market at the end of 2016.

It’s a great time to sell if you are thinking about moving up or down. Always here for you and your home so please call me with any questions! 818-383-4335.

 

 

 

 

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